For the first quarter of 2009 the Company recorded a net profit of
Ophthalmology revenues were
Total Aesthetics revenues were
Gross profit for the first quarter of 2009 was
"Returning to profitability given the current distressed economic environment represents a major accomplishment for the company," stated Mr. Theodore A. Boutacoff, President and CEO. "This is the first quarter that we have been profitable on an operating income level since the fourth quarter of 2005. Keys to achieving profitability during the quarter were improvement in our gross margins to 47% of revenues and managing our operating expenses exceptionally well.
"Our profitable performance during the first quarter reflects steady progress towards successfully implementing our strategic objectives," Mr. Boutacoff continued, "which are: continuing to manage the Company to be cash flow positive while driving profitability; putting the majority of our focus on our Ophthalmology business and looking to invest in growth opportunities for Ophthalmology.
"During the first quarter our financial strength continued to improve with
Cash and cash equivalents were
Conference Call
About
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended and Section 21E of
the Securities Act of 1934, as amended, relating to the Company's financial
stability, growth strategy and prospects. Please see a detailed description
of these and other risks contained in our Annual Report on Form 10-K for the
fiscal year ended
IRIDEX Corporation
Condensed Consolidated Statements of Operations
(In thousands, except pet share data)
(unaudited)
Three Months Ended
April 4, March 29,
2009 2008
---- ----
Revenues $10,736 $11,474
Cost of revenues 5,688 6,669
----- -----
Gross profit 5,048 4,805
----- -----
Operating expenses:
Research and development 841 1,025
Sales and marketing 2,351 2,613
General and administrative 1,493 1,905
----- -----
Total operating expenses 4,685 5,543
----- -----
Income (loss) from operations 363 (738)
Interest and other expense, net (139) (154)
---- ----
Income (loss) before income taxes 224 (892)
Provision for income taxes - -
--- ---
Net income (loss) $224 $(892)
==== =====
Net income (loss) per share -
basic and diluted $0.03 $(0.10)
===== ======
Shares used in computing net income (loss) per
share - basic and diluted 8,825 8,824
===== =====
IRIDEX Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
April 4, January 3,
2009 2009
---- ----
Assets (unaudited)
------
Current Assets:
Cash and cash equivalents $5,662 $5,307
Accounts receivable, net 7,809 8,199
Inventories, net 11,164 11,644
Prepaids and other current assets 516 540
--- ---
Total current assets 25,151 25,690
Property and equipment, net 710 832
Other intangible assets, net 1,394 1,474
Other long term assets 310 229
--- ---
Total assets 27,565 28,225
====== ======
Liabilities and Stockholders' Equity
------------------------------------
Current Liabilities:
Accounts payable $1,951 $2,415
Bank line of credit 5,477 6,000
Accrued compensation 1,823 1,729
Accrued expenses 2,151 2,249
Accrued warranty 1,294 1,345
Deferred revenue 2,733 2,741
Bank term loan - -
- -
Total current liabilities 15,429 16,479
------ ------
Stockholders' Equity:
Convertible preferred stock 5 5
Common Stock 89 89
Additional paid-in capital 39,244 39,105
Accumulated other comprehensive loss (165) (192)
Treasury stock, at cost (430) (430)
Accumulated deficit (26,607) (26,831)
------- -------
Total stockholders' equity 12,136 11,746
------ ------
Total liabilities and stockholders' equity $27,565 $28,225
======= =======
SOURCE:
CONTACT:
Jim Mackaness, Chief Financial Officer of
+1-650-940-4700
Web Site: http://www.iridex.com
